A National Instrument 43-101 Mineral Resource of 76.6Mt at 1.35% nickel – target to upgrade resource to 100Mt in Q4 2011

Horizonte CEO Jeremy Martin said, "These latest drill results covering the Baião and Pequizeiro targets continue to demonstrate the consistent high nickel grades and excellent lateral continuity of mineralisation delineated at Araguaia to date. The continued expansion of these high-grade zones will be important for the overall project economics. The multi rig-drilling programme is running to schedule and we are on target to announce a resource upgrade in Q4 2011 at Araguaia. Wardell Armstrong International is also due on site this month to commence work on the Preliminary Economic Assessment and the Environmental Baseline study, and I look forward to updating shareholders on project developments as we continue to fast-track this exciting nickel project towards the Feasibility stage."

Further Details

The results in this news release have been collated from the on-going resource drilling programme that commenced in October 2010. The results from the most recent batch of drill holes, totalling 122 (2795.97 metres), are reported as detailed in Table 1.

Table 1: Drill results reported

TARGET

DRILL SPACING

NO. OF HOLES

METRES

REPORT TABLE

Pequizeiro

25m x 25m

10

340.78

Table 2

Pequizeiro

100m x 100m

5

128.18

Table 3

Baião

141m x 141m

74

1567.90

Table 4

Vila Oito East

141m x 141m

13

425.92

Table 5

Raimundo

Infill various

20

333.19

Table 6

The data from the 25 metre x 25 metre drilling will be used to measure short-range variability in the mineralisation for the construction of semi-variograms for future resource estimation.

On the Vila Oito East target 141 metres x 141 metres infill drilling is in progress with a total of 40 holes (1,236 metres) completed to date.

On the Lontra targets drilling is in progress with 37 holes (609 metres) completed on Raimundo and 41 holes (809 metres) on the Northern target.

Table 2. Pequizeiro Drilling Programme

25m x 25m spaced drilling in 100m x 100m block

Intercepts ≥ 1% Ni cut-off

(Holes PCA-DD-0635V; PCA-DD-0642V to PCA-DD-0644V;

PCA-DD-0652V; PCA-DD-0655V;

PCA-DD-0658V to PCA-DD-0661V)

Hole

From (m)

To (m)

Width (m)

Ni %

Co %

PCA-DD-0635V

8.18

17.26

9.08

2.74

0.07

PCA-DD-0642V

9.77

19.43

9.66

2.08

0.05

PCA-DD-0643V

7.67

14.81

7.14

1.42

0.11

&

20.59

22.85

2.26

1.15

0.03

PCA-DD-0644V

10.87

22.63

11.76

1.72

0.05

PCA-DD-0652V

9.00

18.50

9.50

1.46

0.05

PCA-DD-0655V

8.05

20.83

12.78

1.35

0.05

PCA-DD-0658V

7.57

20.01

12.44

1.84

0.04

PCA-DD-0659V

8.26

18.51

10.25

1.56

0.07

&

22.40

27.63

5.23

1.22

0.02

PCA-DD-0660V

7.43

22.11

14.68

1.42

0.04

PCA-DD-0661V

7.10

27.41

20.31

1.42

0.06

Table 3. Pequizeiro Drilling Programme

Intercepts ≥ 1% Ni cut-off

(Holes PCA-DD-0651; PCA-DD-0656;

PCA-DD-0662 to PCA-DD-0664)

Hole

From (m)

To (m)

Width (m)

Ni %

Co %

PCA-DD-0651

NSI

PCA-DD-0656

NSI

PCA-DD-0662

4.57

7.71

3.14

1.20

0.12

PCA-DD-0663

7.06

13.32

6.26

1.26

0.04

PCA-DD-0664

1.79

15.92

14.13

1.34

0.06

Table 4. Baião Drilling Programme

Intercepts ≥ 1% Ni cut-off

(Holes PCA-DD-0665 to PCA-DD-0738)

Hole

From (m)

To (m)

Width (m)

Ni %

Co %

PCA-DD-0665

NSI

PCA-DD-0666

6.81

12.81

6.00

1.28

0.03

PCA-DD-0667

NSI

PCA-DD-0668

3.59

9.44

5.85

1.17

0.10

PCA-DD-0669

3.90

7.00

3.10

1.19

0.13

PCA-DD-0670

4.19

6.99

2.80

1.39

0.14

PCA-DD-0671

3.54

8.31

4.77

1.34

0.09

PCA-DD-0672

NSI

PCA-DD-0673

3.92

6.92

3.00

1.43

0.10

PCA-DD-0674

NSI

PCA-DD-0675

NSI

PCA-DD-0676

NSI

PCA-DD-0677

NSI

PCA-DD-0678

5.94

8.88

2.94

1.24

0.15

PCA-DD-0679

6.85

12.92

6.07

1.37

0.06

PCA-DD-0680

2.33

14.79

12.46

1.28

0.05

PCA-DD-0681

3.84

6.84

3.00

1.16

0.08

PCA-DD-0682

3.94

14.06

10.12

1.49

0.06

PCA-DD-0683

0.81

10.67

9.86

1.14

0.06

PCA-DD-0684

3.36

11.98

8.62

1.50

0.05

PCA-DD-0685

NSI

PCA-DD-0686

NSI

PCA-DD-0687

NSI

PCA-DD-0688

NSI

PCA-DD-0689

NSI

PCA-DD-0690

NSI

PCA-DD-0691

NSI

PCA-DD-0692

NSI

PCA-DD-0693

NSI

PCA-DD-0694

NSI

PCA-DD-0695

NSI

PCA-DD-0696

NSI

PCA-DD-0697

NSI

PCA-DD-0698

NSI

PCA-DD-0699

NSI

PCA-DD-0700

NSI

PCA-DD-0701

4.64

9.81

5.17

1.29

0.09

PCA-DD-0702

2.98

11.66

8.68

1.25

0.06

PCA-DD-0703

3.01

6.84

3.83

1.35

0.10

PCA-DD-0704

5.42

9.20

3.78

1.29

0.15

PCA-DD-0705

2.90

9.80

6.90

1.23

0.06

PCA-DD-0706

NSI

PCA-DD-0707

3.85

7.46

3.61

1.34

0.07

PCA-DD-0708

NSI

PCA-DD-0709

NSI

PCA-DD-0710

2.80

17.94

15.14

1.82

0.07

PCA-DD-0711

NSI

PCA-DD-0712

13.39

16.34

2.95

1.17

0.02

PCA-DD-0713

6.50

21.52

15.02

1.42

0.06

PCA-DD-0714

NSI

PCA-DD-0715

5.76

17.32

11.56

1.63

0.05

PCA-DD-0716

6.95

29.90

22.95

1.47

0.03

PCA-DD-0717

6.83

15.83

9.00

1.41

0.10

PCA-DD-0718

4.30

8.02

3.72

1.46

0.05

PCA-DD-0719

7.79

19.46

11.67

1.47

0.09

PCA-DD-0720

11.23

15.85

4.62

1.54

0.04

PCA-DD-0721

NSI

PCA-DD-0722

8.74

13.10

4.36

1.21

0.06

PCA-DD-0723

7.28

12.82

5.54

1.72

0.08

PCA-DD-0724

8.14

27.84

19.70

1.63

0.06

PCA-DD-0725

9.83

22.48

12.65

1.49

0.03

PCA-DD-0726

5.19

9.39

4.20

2.15

0.07

PCA-DD-0727

9.82

15.32

5.50

1.52

0.06

PCA-DD-0728

NSI

PCA-DD-0729

4.82

17.12

12.30

1.28

0.04

PCA-DD-0730

8.31

16.31

8.00

1.64

0.06

PCA-DD-0731

10.70

12.81

2.11

1.48

0.08

&

15.05

17.85

2.80

1.26

0.03

PCA-DD-0732

7.61

13.66

6.05

1.90

0.07

PCA-DD-0733

8.55

28.48

19.93

1.56

0.05

PCA-DD-0734

NSI

PCA-DD-0735

NSI

PCA-DD-0736

NSI

PCA-DD-0737

13.06

19.34

6.28

1.15

0.09

PCA-DD-0738

18.13

21.79

3.66

1.34

0.02

Table 5. Vila Oito East Drilling Programme

Intercepts ≥ 1% Ni cut-off

(Holes PCA-DD-0845 to PCA-DD-0857)

Hole

From (m)

To (m)

Width (m)

Ni %

Co %

PCA-DD-0845

NSI

PCA-DD-0846

14.44

26.66

12.22

1.46

0.05

PCA-DD-0847

NSI

PCA-DD-0848

9.74

22.75

13.01

1.32

0.10

PCA-DD-0849

14.71

25.49

10.78

1.42

0.04

PCA-DD-0850

NSI

PCA-DD-0851

12.24

18.03

5.79

1.54

0.11

&

21.99

30.09

8.10

1.39

0.05

PCA-DD-0852

NSI

PCA-DD-0853

NSI

PCA-DD-0854

NSI

PCA-DD-0855

NSI

PCA-DD-0856

6.76

15.47

8.71

1.46

0.06

PCA-DD-0857

NSI

Table 6. Raimundo Drilling Programme

Intercepts ≥ 1% Ni cut-off

(Holes PCA-DD-0951 to PCA-DD-0970)

Hole

From (m)

To (m)

Width (m)

Ni %

Co %

PCA-DD-0951

5.95

9.93

3.98

1.14

0.05

PCA-DD-0952

NSI

PCA-DD-0953

NSI

PCA-DD-0954

11.22

15.17

3.95

1.27

0.06

PCA-DD-0955

NSI

PCA-DD-0956

NSI

PCA-DD-0957

NSI

PCA-DD-0958

NSI

PCA-DD-0959

NSI

PCA-DD-0960

19.19

26.06

6.87

1.23

0.07

PCA-DD-0961

NSI

PCA-DD-0962

5.20

15.45

10.25

1.40

0.04

PCA-DD-0963

NSI

PCA-DD-0964

NSI

PCA-DD-0965

NSI

PCA-DD-0966

NSI

PCA-DD-0967

NSI

PCA-DD-0968

NSI

PCA-DD-0969

NSI

PCA-DD-0970

NSI

NSI: No significant intersection

The compositing of the nickel grades in the individual holes was completed across geological boundaries using a nickel cut-off of 1% with a minimum intercept length of 2.0 metres and a maximum length of internal waste of 2 metres. Weighted averages were calculated using double weighting i.e. individual samples were weighted against both length and bulk density. As the nickel laterite deposits are essentially flat-lying, all widths given are true widths.

Sample preparation and analyses

Samples from the drill cores were crushed and pulverised at the SGS laboratory in Goiania and the resultant pulps analysed at SGS laboratory in Belo Horizonte using tetraborate fusion X-Ray Fluorescence ('XRF'). Full QA/QC procedures were implemented, including the insertion of standards, duplicates and blanks. Check samples representing approximately 5% of all the samples will be sent to another international laboratory for analysis by XRF.

Horizonte Minerals Plc is an AIM quoted exploration and development company with a portfolio of nickel and gold projects in the Carajas District of Brazil. The Company is focused on creating value by generating and rapidly advancing exploration projects in tandem with joint ventures with major mining companies, providing mid-term cash flow which is then used to develop the business and pipeline projects.

Horizonte has two committed major mining partners: Teck Resources Limited, a major strategic shareholder in the Company, and AngloGold Ashanti Limited, a JV partner on the gold portfolio.

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

Except for statements of historical fact relating to the Company, certain information contained in this press release constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the potential of the Company's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Company to achieve its goals in respect of growing its mineral resources; the realization of mineral resource and reserve estimates; and the estimated time for delivery of a preliminary economic assessment by Wardell-Armstrong. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". In addition, statements relating to "mineral reserves" or "mineral resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the mineral resources and mineral reserves described can be profitably mined in the future.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to: exploration and mining risks, competition from competitors with greater capital; the Company's lack of experience with respect to development-stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Company's future payment obligations; potential disputes with respect to the Company's title to, and the area of, its mining concessions; the Company's dependence on its ability to obtain sufficient financing in the future; the Company's dependence on its relationships with third parties; the Company's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Company operates; currency exchange fluctuations; the Company's ability to manage its growth effectively; the trading market for the ordinary shares of the Company; uncertainty with respect to the Company's plans to continue to develop its operations and new projects; the Company's dependence on key personnel; possible conflicts of interest of directors and officers of the Company, and various risks associated with the legal and regulatory framework within which the Company operates.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.